{"id":435049,"date":"2020-08-16T22:00:17","date_gmt":"2020-08-16T22:00:17","guid":{"rendered":"https:\/\/wncen.com\/?p=435049"},"modified":"2024-06-11T14:15:10","modified_gmt":"2024-06-11T14:15:10","slug":"why-bitcoin-may-see-an-explosive-rally-despite-recent-12k-rejection","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/why-bitcoin-may-see-an-explosive-rally-despite-recent-12k-rejection\/","title":{"rendered":"Why Bitcoin May See an Explosive Rally Despite Recent $12k Rejection"},"content":{"rendered":"<p>Bitcoin and the entire cryptocurrency market have been seeing some rather mixed price action in recent weeks.<\/p>\n<p>Although the benchmark digital asset currently remains caught within a prolonged consolidation phase within the upper-$11,000 region, it has been facing multiple rejections at $12,000 that have hampered its near-term outlook.<\/p>\n<p>The latest rejection at this level took place overnight, with its price subsequently reeling as low as $11,700.<\/p>\n<p>The buying pressure here was enough to stop it from seeing any further downside.<\/p>\n<p>Although it has yet to post any clear trend, analysts are noting that <a href=\"https:\/\/wncen.com\/2020\/03\/22\/bitcoin-could-wipe-out-late-shorts-before-cratering-to-this-low-level\/\">a large movement<\/a> is likely looming on the horizon.<\/p>\n<p>One trader is specifically pointing to a few factors that suggest Bitcoin may still be well-positioned to see an explosive surge up towards $13,000 or higher in the coming days and weeks.<\/p>\n<p>It may first have to decline slightly, however, as a massive liquidity region currently sits around $11,500.<\/p>\n<h2><strong>Bitcoin Shows Signs of Strength as Bulls Guard Against a $12,000 Rejection<\/strong><strong>\u00a0<\/strong><\/h2>\n<p>At the time of writing, <a href=\"https:\/\/wncen.com\/2020\/08\/10\/heres-why-traders-are-growing-cautious-about-bitcoins-current-outlook\/\">Bitcoin<\/a> is trading up just under 1% at its current price of $11,900. This marks a notable upswing from its daily lows of $11,700 that were set overnight.<\/p>\n<p>The crypto attempted to breach $12,000 yesterday evening, although the selling pressure here once again proved to be insurmountable. This subsequently led it to slide down towards its overnight lows.<\/p>\n<p>Bulls\u2019 ardent defense of $11,700 has allowed it to erase virtually all of the losses that came about as a result of its recent downswing.<\/p>\n<p>This is a sign of intense technical strength, as it signals that the cryptocurrency still has significant buying pressure backing it.<\/p>\n<p>One reason why $11,700 proved to be such a strong level of support is due to this being the crypto\u2019s weekly open.<\/p>\n<p>While speaking about the importance of this level, one analyst <a href=\"https:\/\/twitter.com\/ByzGeneral\/status\/74554885\" rel=\"nofollow\">explained<\/a>:<\/p>\n<blockquote><p>\u201cThis range is a beautiful example of how important the weekly open &amp; monthly open levels are.\u201d<\/p><\/blockquote>\n<p><img data-recalc-dims=\"1\" height=\"860\" width=\"860\" decoding=\"async\" class=\"aligncenter size-large wp-image-435051\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/08\/ByzGen-2.png?fit=860%2C860\" alt=\"Bitcoin\" loading=\"lazy\"><\/p>\n<pre>Image Courtesy of Byzantine General. Chart via <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" rel=\"nofollow\">TradingView.<\/a><\/pre>\n<h2><strong>Here\u2019s the Key Liquidity Region BTC May Tap Before Breaking $12,000<\/strong><\/h2>\n<p>While speaking about the crypto\u2019s near-term outlook, the same analyst also <a href=\"https:\/\/twitter.com\/byzgeneral\/status\/77083905\" rel=\"nofollow\">noted<\/a> that he believes Bitcoin may first decline to $11,500 before it can push higher.<\/p>\n<blockquote><p>\u201c11900 &#8211;&gt; 11500 &#8211;&gt; then we leave bears behind for good. Good riddance.\u201d<\/p><\/blockquote>\n<p><img data-recalc-dims=\"1\" height=\"860\" width=\"860\" decoding=\"async\" class=\"aligncenter size-large wp-image-435052\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/08\/ByzGen2.png?fit=860%2C860\" alt=\"\" loading=\"lazy\"><\/p>\n<pre>Image Courtesy of Byzantine General.<\/pre>\n<p>Because $11,500 is below the cryptocurrency\u2019s weekly open, the dip to this level must be fleeting, as any high time frame close beneath $11,700 could spell trouble for <a href=\"https:\/\/wncen.com\/2019\/05\/28\/bull-market-not-confirmed-until-bitcoin-price-breaks-above-11-7k-where-bear-market-began\/\">BTC\u2019s outlook<\/a>.<\/p>\n<pre>Featured image from Unsplash.\r\nCharts and pricing data via <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" rel=\"nofollow\">TradingView.<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin and the entire cryptocurrency market have been seeing some rather mixed price action in recent weeks. Although the benchmark digital asset currently remains caught within a prolonged consolidation phase within the upper-$11,000 region, it has been facing multiple rejections at $12,000 that have hampered its near-term outlook. The latest rejection at this level took place overnight, with its price subsequently reeling as low as $11,700. The buying pressure here was enough to stop it from seeing any further downside. Although it has yet to post any clear trend, analysts are noting that a large movement is likely looming on the horizon. One trader is specifically pointing to a few factors that suggest Bitcoin may still be well-positioned to see an explosive surge up towards $13,000 or higher in the coming days and weeks. It may first have to decline slightly, however, as a massive liquidity region currently sits around $11,500. Bitcoin Shows Signs of Strength as Bulls Guard Against a $12,000 Rejection\u00a0 At the time of writing, Bitcoin is trading up just under 1% at its current price of $11,900. This marks a notable upswing from its daily lows of $11,700 that were set overnight. The crypto attempted to breach $12,000 yesterday evening, although the selling pressure here once again proved to be insurmountable. This subsequently led it to slide down towards its overnight lows. Bulls\u2019 ardent defense of $11,700 has allowed it to erase virtually all of the losses that came about as a result of its recent downswing. This is a sign of intense technical strength, as it signals that the cryptocurrency still has significant buying pressure backing it. One reason why $11,700 proved to be such a strong level of support is due to this being the crypto\u2019s weekly open. While speaking about the importance of this level, one analyst explained: \u201cThis range is a beautiful example of how important the weekly open &amp; monthly open levels are.\u201d Image Courtesy of Byzantine General. Chart via TradingView. Here\u2019s the Key Liquidity Region BTC May Tap Before Breaking $12,000 While speaking about the crypto\u2019s near-term outlook, the same analyst also noted that he believes Bitcoin may first decline to $11,500 before it can push higher. \u201c11900 &#8211;&gt; 11500 &#8211;&gt; then we leave bears behind for good. Good riddance.\u201d Image Courtesy of Byzantine General. Because $11,500 is below the cryptocurrency\u2019s weekly open, the dip to this level must be fleeting, as any high time frame close beneath $11,700 could spell trouble for BTC\u2019s outlook. Featured image from Unsplash. Charts and pricing data via TradingView.<\/p>\n","protected":false},"author":499,"featured_media":435072,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,4],"tags":[1144,78790,76835],"class_list":["post-435049","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>Why Bitcoin May See an Explosive Rally Despite Recent $12k Rejection<\/title>\n<meta name=\"description\" content=\"One trader is pointing to a few factors that suggest Bitcoin is well-positioned to see an explosive surge up towards $13,000+ in the coming days and weeks.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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